Seplat Energy has discovered an estimated 19 million barrels of oil and 157 billion cubic feet (bcf) of gas at its Aku-01 exploration well in Imo State.
The discovery was made in the onshore area of Oil Mining Lease (OML) 53, where the company holds a 40 per cent participating interest alongside its joint venture partner, NNPC Limited.
In its latest unaudited earnings report released on Thursday, Seplat described the find as an unexpected outcome of its exploration activities, noting that it was not part of the original drilling programme.
The company said the well was being completed as a potential production facility, with plans to connect it to existing infrastructure to enable the early development of the discovered resources.
According to Seplat, the discovery has also improved the prospects of four nearby exploration targets, one of which is expected to be tested during the next phase of exploration.
The company is considering beginning the second phase of exploration as early as next year. It also disclosed that five reservoir intervals had been identified during the drilling exercise.
Seplat acquired its 40 per cent stake in OML 53 from Chevron in 2015, while NNPC Limited owns the remaining 60 per cent.
The discovery comes as Nigeria seeks to increase crude oil production to three million barrels per day by 2030, from its current output of about 1.72 million barrels per day, including condensates.
To support the production target, the Federal Government has introduced measures aimed at attracting investment into the oil and gas industry, including tax incentives for deep offshore operations and reforms to licensing processes.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, recently disclosed that the regulator had approved field development plans valued at more than $57bn over the past two years.
Meanwhile, Seplat recorded a 12.5 per cent increase in revenue to N3.8tn in the first nine months of the year, compared with the corresponding period in 2025.
Its profit before tax rose to N1.3tn, while profit after tax increased to N355.6bn from N146.6bn recorded a year earlier.
However, the company’s total assets fell by 6.3 per cent to N8.2tn from N8.7tn at the end of the previous year.
